The Dividend Cafe

The market rallied +370 points today, making back the points it was down yesterday, leaving the Dow through Wednesday with the nearly +1,000 point gain from Monday. Oil is approaching $34 after a +5% move today. It was a healthy day for risk assets across the board. And speaking of health, there is some truly good news to report on that front as well … Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market was down 100 points or so in pre-market at 3:15am today, and stayed close to flat or modestly down until the open. It bounced a round a bit, then found the flat line and stayed there most of the day, before then seeing a substantial sell-off in the last 45 minutes of trading (see chart below). A report circulated just before the market sell-off that yesterday’s positive report on early phase vaccine trials may have been incomplete in some of its data. If that was indeed the reason for the sell-off, then these markets are a lot more susceptible to pops and drops around [silly?] vaccine headlines than I would have thought. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Chief Investment Officer David L. Bahnsen answers questions from investors on markets and the ongoing COVID-19 pandemic Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

What I want to do, starting in this week’s Dividend Cafe, but really in the weeks and months to come, is to examine the truly significant macroeconomic forces that are relevant to investors, and to explore investment solutions that match the moment. I do not believe advisors and investors can consider solutions intelligently if they have not considered what they are trying to solve intelligently. So to that end, we work. Join us, in this week’s Dividend Cafe. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market closed up almost 400 points today after an intra-day session that was surely one of the weirdest I have seen in a couple weeks. Futures were down 100-200 all morning pre-market, and went down further after the initial jobless claims number came in at 2.98 million (the number had been expected to be closer to 2.7 million). The market went down as much as 450 points before rallying back and really zigging and zagging (with no apparent news) throughout the day, closing at the highs into a rally. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Futures were down last night, then up this morning, then went flat just as the market opened this morning. By the time the market open was catching steam downward pressure was on stocks, and that downward pressure accelerated a few hours after the open, and then stayed down but level the rest of the day. Stocks actually closed 180 points off their low of the day, but still down 500 points on the day. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

In the height of market violence throughout March and April it was routine that the overnight futures would do one thing, the opening the next morning something totally different, and the action throughout the day something different still. Sometimes even then there was no clarity as to how things would end up as 400+ point moves down or up even in the final hour of trading were extremely common (either as reversals or pile-ons). Lately the futures I have seen before bed time, the futures I wake up to around 3:00am, and the market opening levels have all been pretty in line with one another. There have been late day trading reversals (as I highlighted most days last week), but the futures and the opening levels have been pretty consistent. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The S&P was flat today, the Nasdaq was up, and the Dow was down 100 points, so let’s call it a flat day overall. We will cover our normal categories and take a few detours as well as we launch another market week in the midst of this COVID pandemic … As for health data, the 1.5% case growth over the weekend is what we have been waiting for – the smallest case growth in the U.S. since all of this began. And all analysis indicates we will see new cases and case growth % really decline from here. If the new cases had declined with a substantially lower weekend testing number that would be less noteworthy, but the testing stayed quite elevated all weekend. The positive ratio to total tests was just 7.8% yesterday, and our trend level for total tests is right around 300,000 per day now. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

This week’s Dividend Cafe will do all it generally sets out to do. We will look at the overall economy, and I even close with something I don’t often do: A summary of our short term, medium term, and long term outlooks. There is quite a deep dive into the jobs data, the economic picture, the state of the U.S. energy industry, some post-COVID economic realities, and much, much more. But there also is a sober assessment of something else – the human toll of non-productivity – the impact to joy and fulfillment when people are cut off from productive activity. It is the heart of our tragic moment. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Happy “Flash Crash” anniversary, to those who remember that fateful day (ten years ago today). I remember it like it was yesterday, ending a meeting with clients early (who were sitting in my office facing me at the time, as I faced the television over their shoulders that was informing me of the collapsing market). I began trading in client accounts heavily after the prematurely-ended meeting, and for the first time in my life saw ETF’s broken, bid-ask spreads broken, and wild mistakes in trading execution. It was simply crazy, and only in the weeks (and to some degree, years) ahead did we really understand what had happened, how, and why. Today we don’t have a Flash Crash, and have not exactly had one since May 6, 2010. But we do have incredible risk around liquid ETF’s made up of illiquid assets. I need to attention this issue more diligently in the post-COVID months ahead. I am trying to “tighten up” the daily missive, and better organize/structure it each day around: • Health Data • Market Technicals • Public Policy • Oil & Energy • Housing • Fed News I am hoping this predictable, consistent sequence will both reflect the general priorities readers have in some way, and make for a more succinct and digestible read. And of course, I do welcome your feedback and suggestions … Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market was up 300+ points most of the day today, and just as the sell-off faded yesterday, the rally faded today, with the market closing up 133 points (though the S&P was up 34 bps more than the Dow). Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Chief Investment Officer David L. Bahnsen answers questions from investors on markets and the ongoing COVID-19 pandemic Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

I learned a lot in the month of April as well, and I want to share it with you today. I am either excited to tell you or sorry to tell you that this week's Dividend Cafe is the longest one I have ever written, but also the most important one I have ever written. The length of it is just simply because of the sheer ambition of all I am trying to cover this week. There are some investment opportunities that have been created out of these last two months that warrant the attention I have given them this week. But there also are lessons learned and principles reinforced that I am excited to share. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

After the big move up the last two days, we closed the extraordinary month of April with a down-300 point day. Weekly jobless claims came in at 3.8 million, bringing the aggregate new unemployment claims since the COVID crisis began to ~30 million. Oil prices for the June contract were up ~$4 today (+25%), and are up ~$8 since Monday. April ends up being the biggest month up in the stock market since January 1987 (+11.1% for the Dow and +12.7% for the S&P). Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The Bahnsen Group Investment Committee is back together for the first time in weeks to discuss all matters of the market, Covid, and investing. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The futures were pointing down 80-100 points without a lot of activity last night, yet by the early morning were pointing to a +300 point move higher. The market opened up ~400, bounced around throughout the day, and closed today down a tad. But the big tech companies were down 2-4% all day. But on the other hand, some key REIT’s, materials companies, energy names, and industrials were all up today. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The futures opened yesterday down a pinch and reflected a down 80 or so opening for a couple hours. By the time I went to bed U.S. futures were pointing up 100, and more interestingly, the Nikkei was up over 400 points (see why below). I woke up to the futures pointing up 200 points at 3:30am, and the June delivery contract on WTI oil down 17% to just over $14/barrel. (The disconnect between short term oil futures and equities is a sight to behold). The market opened up ~100 points, and throughout the day traded up about +250 (most of the day). Oil was down ~20% most of the day even as, once again, most energy stocks were higher. Financial stocks were the huge leadership names today. The Dow ended up closing +360 points, just off the highs of the day. Links mentioned in this episode: CovidAndMarkets.com DividendCafe.com TheBahnsenGroup.com

Last week’s national video call brought to you podcast listeners in audio form - COVID, two market phases, and what to do from here. Watch the call and follow along with the slides here - https://youtu.be/pt-wO73Y8to Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

It has been a fascinating week in the markets, with oil tanking, but the energy sector way up; with the markets up and down every day; with some bond sectors rallying, and others selling off. Some degree of non-correlation between asset classes seems to be sneaking back into play, and non-correlation is the hallmark of normalcy. Now, we have a long, long way to go ... but there were interesting green shoots this week in each But the various developments in the markets this week are not the full heart of Dividend Cafe this week. The heart of this weekly commentary is how to think about portfolio balance right now, what diversification really means, and what government stimulus and Fed interventions do and do not mean for your portfolio. So shut down your Zoom, turn off your Netflix, and do your third walk of the dog for the day later. And jump on in to the Dividend Cafe ... Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The week of April 6 was the biggest “up” week in markets on a percentage basis since 1974. Last week (with up and down volatility) was another solid up week, whereas some tempering of the prior week’s rally had been expected. Coming into this week, I certainly figured some tempering of the prior two weeks rally would not be surprising, and we dropped 500-600 points Monday and Tuesday. Wednesday’s 450 point increase cut into that, and now today the Dow ended up a tad, but had been up 300 points before seeing that fade. Futures were basically flat all night last night and stayed as such this morning from 3:15am until 5:30am when the weekly jobless claims number came. The number came in at 4.4 million, down from last week’s 5.5 million but in line with expectations, and futures went from down a bit to up 100. The market hit its high levels in the first couple hours of the day, and just slowly faded throughout the day. Energy and Alternative Asset Managers were the standouts today. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market rallied quite a bit today, coming off of the two ~600 point down days that started the week. Oil prices were up 22% (from their very low level, mind you) and they are at least now only showing the June contract vs. the delivery/storage fiasco in the May contract that was taking place Monday and Tuesday. Futures were pointing to a 250-point increase when I woke up this morning, and throughout the day markets traded roughly between +250 and +500. The +450 close was off of the high of the day that came ten minutes before the close. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

We cover the market, the latest in health data, plenty on housing prices, the PPP Part Two stimulus program, and oil prices - plus more Links mentioned in this episode: CovidAndMarkets.com DividendCafe.com TheBahnsenGroup.com

The week went essentially much as I expected in the markets – the health data continues to point towards marked improvement, but not quite yet a full re-opening; markets did not continue the violent rally of last week, but had some modest volatility both up and down; and the economic data from March was awful, with all eyes and ears focused on where we go from here. On the week, as of press time, the market is down a tiny bit on the week, but that comes with some decent sized up days and down days along the way (down 300, up 600, down 300, up 700). I am very excited about this week’s Dividend Cafe, and hope you will see why when you read it. • Is life about to change forever and ever? • Is a “new normal” coming, and what does it mean? • Will the next 12 months be a bear market or a bull market (from here)? • What really happened in March at the points of maximum market distress? • Long-term ramifications of this COVID-19 experience • And so much more So jump on in to the Dividend Cafe. I promise it will be a refreshing commentary on markets and the economy for investors who deserve better than the sensationalistic or self-serving garbage often posing as commentary. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The Dividend Cafe Podcast will now add a Daily Covid and Markets reporting with the latest on the many aspects of the capital markets affected by COVID-19. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market week is cut short by the Good Friday holiday this week, but investors liked what they received out of the four days markets were open. Monday represented one of the biggest up days in market history, and Wednesday and Thursday added to the rally, with the Dow now a stunning 5,500 points off its March 23 low level (which was itself an intra-day number). No, we do not know what equities will do next week, but we do know that the Federal Reserve gave markets a lot of news this week, and that will be the primary focus of the Dividend Cafe. But if you want to understand what it all means for the economy at-large, for housing, for bond investors, and for those just sort of wondering when our country is going to re-open, we invite you to jump into this week's very special Dividend Cafe. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

As I am taping Friday morning a short while into the final market session of the week, the market is nearly flat on the week (modestly down at this point). That came with a big move up Monday, a modest move down Tuesday, a huge move down Wednesday, a decent move up Thursday, and so far, early on Friday, a “flattish” day (though off a bit – again, moving as I type). Note the theme? A “flat” week in markets, but with huge volatility day by day by day. Why did markets go up 500 points the day the worst jobless claims data in history came out? Why did markets not tank on the news of the worst unemployment data in ten years? Because markets do not go down on news they already knew was coming. Period. I am confused by media and financial professionals who do not seem to understand this, but I take seriously my obligation to help you, readers of Dividend Cafe, understand this. Because markets are “discounting mechanisms,” pricing in today what they believe about tomorrow, “good news” cannot make markets rally unless it was not already expected, and “bad news” cannot make markets drop unless it, too, was not expected. And if you know someone who has not known that in the midst of this national shutdown, that jobs data was not atrociously bad, I really don’t know what to say. The key, my friends, is where we go from here, and that itself is riddled with uncertainty. So let’s unpack as much uncertainty as we can, and jump into a fruitful and useful Dividend Cafe. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

As of broadcast time, the market has moved significantly higher on the week, bouncing in a meaningful way Tuesday, Wednesday, and Thursday this week (after further sell-off Monday). As I record Friday morning, the market shows down (but it is early). We all know that we don’t know what the rest of the day (or weekend) will bring. This very special Dividend Cafe (long, but I think we all have extra reading time this weekend) attempts to combine a lot of investment application, macroeconomic commentary, and basic financial wisdom, into one trip to the Dividend Cafe. Jump on in. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The utter insanity of today's financial markets continued in Sunday evening futures action, Monday morning futures action, and throughout the day Monday. The largest Federal Reserve announcement yet came, and plenty needs to be said about the so-called "fiscal stimulus bazooka." Today's special Dividend Cafe provides as much explanation of these crazy times as we can muster, and offers yet more practical guidance on surviving the bear market we are presently enduring. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

There is a Friday Dividend Cafe coming – I do not know when – where the basic tone will be celebratory, and the underlying emotion will be relief. Some lift in equities, some normalization in credit, and some feeling that the worst is all behind us – that Dividend Cafe is coming. Will it be next week or months down the line? I do not know. But I look forward to writing it, and I imagine many of you look forward to reading it. This week is not that week, and I believe this week’s Dividend Cafe does as much to make sense of everything going on and where we are headed than anything I have written so far. I also do believe the national call we hosted on Tuesday remains current in explaining our outlook. In the meantime, the country as a whole, not just investors, remain in a period of uncertainty and challenge. And out of this uncertainty and challenge, I believe will come much better days. Let’s jump into the Dividend Cafe. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Join TBG Chief Investment Officer for a National Conference Call where he delves deep into the reasoning behind the massive moves in the markets over the last three weeks. Share it with your friends! Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

If one looks at the rapidity with which this market has sold off, the levels to which it has sold off, and the stressors that currently exist in our financial system and society at large, there is surely a lot of anxiety and uncertainty that permeates. This special Dividend Cafe will get into a handful of things that just simply must be said, offers a podcast from our Investment Committee, and addresses a lot of what is going on in the world that may help explain this crazy mess. Please, if you have time, join us in the Dividend Cafe … Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

It is so hard to stick to my normal Dividend Cafe format these days (not that anyone cares). I am trying to write two per week, and the markets are changing minutes after certain segments get written (or more challenging, the news itself alters or stories take on different shapes). On two days this week (Monday and Thursday) the violence of the market drops required additional email communications. Clients receive their special bulletin specific to portfolio holdings on Wednesday, as well. The state of affairs now makes the exact timing and precision of these communications difficult. We hope you understand. I set it up that way because there are things in flux right now as I type that by the time I submit to my team may change, and by the time you read this may change again. I apologize for that. But that is the state of affairs in which we find ourselves. My feeling is that the market this week went through a Black Monday type day (October 1987). On that fateful day we dropped 22.6% in one day (and it did rebound 6% the next day). This week, going into Friday morning the market is down 18% in four days (and as I sit here in type from a Starbucks on 47th Street at 5:30am eastern, the market looks set to open up 5%). So while the violence was four days, not one, and 23% is a lot more than 18%, there is still the same feeling of shock and horror and the rapidity with which this all happened. I am dedicating this week’s Dividend Cafe to what happened this week, what has to happen from here for markets to (a) normalize, (b) begin recovery, and (c) finish recovery. It is a long one, but hopefully easy to read and useful to your understanding and thinking about this crisis. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

*Please go to dividendcafe.com to read this important post** I wrote an awful lot of stuff over the weekend for this special mid-week Dividend Cafe. I wrote about the bizarre reality that with three days last week that the market was down nearly 1,000 points (Friday's was intra-day, but it did come back at the end of the day), the market was actually up 450 points last week. I wrote about various peripheral economic and market realities that I thought useful in the fuller context of the current state of affairs. And then Monday happened, and I have spent the 3 am - 6 am hours of Tuesday morning re-writing the entire thing. I hesitate to even mention that as I type, the market futures are pointing to a 650+ point jump in the market (it had been a lot more). First of all, that is just a small part of yesterday's collapse, and secondly, by the time I am done typing this paragraph, let alone by the time you are done reading it, the possibility of reversal or adjustment is extremely high. These are the times in which we find ourselves. You should have received my bulletin last night on the 11th worst market day in history that was Monday (and the worst day since the financial crisis). I stand behind every word written yesterday afternoon and will be reiterating much of it in this Dividend Cafe. But I really want to dive deeper into the oil saga playing out with Saudi and Russia, and I really want to unpack more of the economic ramifications of the present hysteria. That is what this Dividend Cafe will be devoted to - a bit more meat on the bone, none of which is meant to take away from the fundamental behavioral lessons I am desperately trying to reaffirm in all communications right now. So jump on into this special Dividend Cafe Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

It's FRIDAY, MARCH 6 - The markets were down over 800 points early but right at this moment are down 650 points. I have no doubt markets will move from here, and I have no idea which direction. Big moves, in either direction, are the daily expectation right now. This week’s Dividend Cafe offers as much information, guidance, and reality as we are able to muster. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Our Investment Committee's weekly podcast today basically delves into all things market correction, market snap-back rally, coronavirus, and the political landscape shift of the weekend. An important listen in these volatile times. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The market ended the month of February with a level of pain in the markets not seen since December of 2018 (fourteen months ago). As of press time Friday morning we have experienced sell-offs every day this week, creating the worst week for markets since the financial crisis. The details are unpacked in the Dividend Cafe … The level of sell-off in the market is discussed but so are a variety of circumstances around it that very much warrant additional analysis. I made the decision this Friday morning to ditch literally pages of commentary and analysis I wrote over the last few days and just write afresh straight from the heart on all that is going on. Please click through and read. This is not a Dividend Cafe to miss. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

The ongoing spread of coronavirus and uncertainty surrounding such pushed markets down a thousand points on the Dow (as of press time), and brought the ten-year bond yield to very near an all-time low. This 3%+ drop in stocks brings the equity market to where it was at the beginning of the year. Bond values continue to surge, offsetting much of the equity value drop for diversified investors. In this special edition podcast our Investment Committee unpacks what is happening, why, what it means, what it doesn’t mean, and what we are doing (and not doing) about it. We also reiterate our theme of illiquidity-investments for 2020, and shout from the mountaintops the message that we are owners of business, not speculators in the stock market. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

We have the whole week unpacked in this week’s Dividend Cafe, and ample commentary on the Fed, earnings, politics and more. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

We cover the market action of the week (at least up until press time) this week. And yes, there are plenty of thoughts and ideas around the present investment environment ... But I also think you will find this week's Dividend Cafe to feature some longer-term reflections on the economy, on long-term challenges that drive so much economic behavior. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Sometimes it is important to remember that “volatile” is not a synonym for “negative.” Volatility refers to “up and down” movement – directionless – choppy – uncertain. In this week’s Dividend Cafe we do all we need to do to understand the current market volatility, to consider the right portfolio approach to all present state of affairs, and of course to break down one of the most significant political weeks in recent times. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: The market has gotten a bit exciting, and this week's special edition Dividend Cafe podcast explores why. We look into what it means, what is causing it, what investors have gotten right, and where we go next. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: On Friday the regular Dividend Café for the week went out, and it included as much of an update as possible around the UK elections and the China trade war … But within hours of the submission there was more news, and then the next day even more, and then over the weekend even more still. I don’t want to wait until Friday to provide the latest and greatest … Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

This is the AUDIO VERSION of Year Ahead/Year Behind annual report read by David L. Bahnsen, Founder, Chief Investment Officer, Managing Partner of The Bahnsen Group. Topics discussed: This paper is a must read or listen for clients of The Bahnsen Group, as we unpack 2019 in review, evaluate what we were saying a year ago versus how things played out, and most importantly, do a deep dive on what we expect in 2020. A new decade is underway, and this piece provides actionable perspective on what investors ought to be thinking and doing in this pivotal time. Click on the link below to download the written piece so you can access the charts and listen to every word of what has been an annual tradition of The Bahnsen Group. Links mentioned in this episode: https://thebahnsengroup.com/wp-content/uploads/2020/01/2020-year-ahead-published.pdf DividendCafe.com TheBahnsenGroup.com

Topics discussed: The market dropped 450 points today as fears and uncertainties around the Chinese coronavirus make their way through the markets. In this special edition podcast with our whole investment committee we make the case for “don’t just do something, stand there” as the right investor response to the present news. We appeal to history, market realities, health epidemic precedents, and basic trade economics to make the case for avoiding panic, and letting an unresolved problem get resolved. Please give it a listen, and please reach out with any questions you may have. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: Markets re-opened Tuesday this week after the MLK holiday on Monday, and experienced some modest moves to the downside on the week as of Thursday's press time ... But in a shortened market week where the big political news (impeachment hearings) are completely ignored by markets, and where there is no notable macroeconomic news or Federal Reserve announcements to process, it gives us a great opportunity to catch up on other topics not given enough attention in the Dividend Cafe. We'll talk shale this week, viral fears in China, why a high bond supply does the opposite to interest rates that most people expect, and we spend a lot of time in Politics & Money ... So jump on into the Dividend Cafe. It's a good one. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: We are too early into earnings season to have much to say and the impeachment/political 'stuff' is enough to exhaust anyone. But 'global macroeconomics' - this is the stuff that gets us out of bed in the morning. And that's what we did this morning - we got out of bed and we talked global macro for you all. This is a not-to-be-missed Dividend Cafe podcast from our whole investment committee ... Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: Managing Director, Partner Deiya Pernas and Director of Equity Research discuss the TBG client portfolio construction and infrastructure, equity and market hightlights of the week. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

As of press time Thursday it has been another strong week in markets, with the formal signing of the phase one-U.S/China trade deal, a strong start to earnings season, and the continued general feeling that this is a good market in a good economy. Of course, life is never that simple, and markets are really never that simple, so we have a lot more to say about everything. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: We have a full Dividend Cafe to bring you today. The news cycle did not slow down for the new year, and indeed, we have already opened the year with a slew of geopolitical events that add drama to capital markets. Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

Topics discussed: But first, I would direct you all to the annual white paper I do every year recapping the year behind us and offering our perspective on the year in front of us - Year Ahead/Year Behind. I believe you will find it to be an informative and useful tool in understanding the recent past and considering the immediate future. Share with any you would like. Links mentioned in this episode: A Year Ahead/A Year Behind DividendCafe.com TheBahnsenGroup.com